New Delhi
NITI Aayog, the government’s think tank, has advocated for tax reforms, mandatory savings plans, and housing initiatives tailored for the elderly in India, given that the senior citizen population is anticipated to constitute 19.5 percent of the nation’s populace by 2050. In its report titled ‘Senior Care Reforms in India – Reimagining the Senior Care Paradigm,’ NITI Aayog proposed the creation of a national portal for senior care to facilitate seniors’ access to services.
The report highlighted the financial challenges faced by seniors, emphasizing the need for a regulatory mechanism to establish a viable base rate for interest earned on senior citizen deposits. It also stressed the importance of extending further concessions to elderly women to enhance their financial well-being.
With the current elderly population in India standing at over 10 percent, approximately 104 million, and projected to double by 2050, the report urged the government to review reverse mortgage mechanisms to enhance liquidity for seniors. It underscored the necessity for tax and GST reforms on senior care products to alleviate financial burdens.
Acknowledging the global trend of population aging, the report underscored the growing number of individuals over 60 worldwide, including in India, where the elderly population is rising alongside declining fertility rates and increased life expectancy.
Moreover, the report recommended channeling CSR funds into national funds for eldercare for those unable to afford it and advocated for public-private partnerships to provide discounted medical care for seniors. It highlighted the potential of the senior care industry, estimated at USD 7 billion, and the burgeoning home healthcare market, which could reduce costs by 15-30 percent compared to hospital treatments, offering significant opportunities for growth.
